You can become a millionaire, or simply very wealthy, in different ways.
You can successfully draw a ticket in the lottery, be initially born into such a family, get married profitably, or break the law. These “happy accidents” are not natural; in fact, you can simply earn a lot of money. Then the question may arise, how? What are the rules of rich people and how do they become millionaires? There are many solutions, besides hard work you can invest or open your own business. There are many people whose real stories motivate us to take confident action.
Find something you enjoy doing
Don't start a business unless you're sure it's your passion and what you love.
Mark Cuban, CEO of HDNet and HDTV cable network.
If you decide to open your own business just for the sake of money, stop. The prospect of wealth that awaits you over the horizon will maintain your enthusiasm, but not for long. In business you cannot do without force majeure and difficulties, and besides, at first the new business will be unprofitable. The mere desire to earn money will not stimulate you for long.
To make your business successful, turn it into your passion. The answers to three questions will help you understand what to do:
- What do you like?
- Do people around you like it?
- Are people ready to pay money for it?
Remember that a business does not have to be innovative. There is no need to be afraid to open a coffee shop or tire shop just because someone has already done it before you. The main thing is to add something of yourself to your business and do it with love.
Differences in thinking between rich and poor people
Remember! Only a person’s perception determines his level of income and success; the amount of money depends on the psychology of the individual.
Below is a perception table (information from papapomog.com)
| Rich | poor man | |
| Attitude to money | Money is a means to an end; money makes material life more comfortable. | Money is evil. The money was stolen and obtained dishonestly. |
| Time | Time is a resource and must be invested in order to achieve your goals. | Time is needed for entertainment and immediate pleasures. Lounge on the couch and do nothing. Simple rest in inactivity. |
| Self-esteem | Objective self-esteem. Knowing and accepting your strengths and weaknesses. | Low self-esteem and lack of self-confidence. |
| Actions | Resolve problems immediately as they arise. Timeliness. | Such a person is scattered and engaged in low-value routine. |
| Education | Such a person studies and practices with the best, who will explain the essence in depth. Gains certain necessary skills. | He studies for the sake of a diploma, a crust, so that it will be. |
| Environment | A circle of communication with the best and with those who are better, there is something to strive for and from whom to learn. | Communicate with people at your level and below. |
| House | Keeps the house clean and tidy, gets rid of old and unnecessary things. | He hoards everything in case it comes in handy, has difficulty getting rid of old things, and does not always keep the house in order. |
| Goals | Goals and plans are written down on paper, a daily action plan with a time limit is described. | There are no goals or plans, life is one day at a time. |
| Attitude towards achievements and failures | Treats it calmly, perceives it as an experience and moves on. | Jumps for joy and becomes despondent when unsuccessful. Emotionally dependent on the situation. |
Read also: 14 ways to increase self-esteem.
Important! To change yourself for the better, to attract finance, positivity is an integral part of life. Positive thinking should be a daily norm. Thoughts are material, and if negative plates of existence are spinning in your head, nothing good will come of it, these thoughts will be translated into reality.
The following describes 10 laws of wealth , which have been an undeniable truth since ancient times. The richest man in the world, King Solomon, wrote about principles of wealth that change lives to this day.
Surround yourself with good people
If you're building a company, you need to gather great people around you.
Elon Musk, founder of SpaceX and Tesla.
It doesn’t matter what the essence of your business is or what views you hold on doing business, you will need a team in any case. You simply won’t be able to control and do everything yourself: you won’t have enough time and energy.
To make things successful, gather around you cool specialists who share your views. You can find like-minded people, for example, at seminars, trainings or forums for young entrepreneurs. Choose people to help you not only based on personal but also professional qualities. Business is work, which means friendship takes a back seat here.
Remember that your colleagues and partners are not just performers, but a team that works towards one common goal. Therefore, treat them with respect.
And don’t forget to monitor your team: even the best specialists can be lazy, forget about work or be late. Set tasks in special applications, such as Beeline Tracker, and track their completion. Set up a time tracking program and ask employees to record when they start work and what time they go home.
B2Blog is an online media with useful tips for small and medium-sized businesses. The Beeline Business blog helps you understand the legal intricacies of entrepreneurship and explains the basics of personnel management and marketing.
Read about control over employees
Invest in yourself
Warren Buffett
Investor. No. 3 on the Forbes list. Net worth: $84 billion.
The businessman suggests Warren Buffett's best investment advice for beginners to consider their career as a business and themselves as their main product. There is no point in producing a product that the consumer does not like. You won't sell yourself and get your dream job if you don't invest in your own growth.
The best investment you can make is in your abilities. Anything you do to develop your skills or business is likely to be successful.
Warren Buffett
Remember the budget
Figure out how to build your own business on a small budget. And then cut this budget in half again
Seth Goldman, President and CEO of Honest Tea.
Money is the basis of your business. Manage your starting capital carefully. Make a financial plan in which you will include the necessary expenses and budget for the month.
Compare expenses and profits: most likely, the expenses will be high at first. Don’t be alarmed, this is a normal situation for business: to start making a profit or at least break even, you need to wait a couple of months, six months or even a year. The time depends on many factors, for example, the volume of production and staff.
Therefore, before starting your business, acquire a cash reserve, which should be enough for at least the first 2–3 months.
To prevent your financial plan from turning into a multi-million dollar sum, save. You can save money at several points:
- Buy used furniture and appliances . When buying office items secondhand, you will spend half as much money.
- Work from home . As long as possible, conduct business remotely and do not rent an office. Rent a room once you have built up a client base.
- Use online accounting services . Hiring an accountant on staff from the very first months is expensive, and monitoring the budget on your own is difficult.
Read about benefits for small and medium-sized businesses
How is income distributed?3
Before trying to understand how to build a wealthy lifestyle and how to achieve such an indicator, you need to understand where a person with high income spends money.
Unlike the poor, successful people focus on earning money through passive income. As everyone knows, achieving such an indicator is not so difficult if you find the right point correctly. You should understand in time that health and personal time are not enough to be wasted on constant spending for nothing. You need to find a place that will save up money for the time when your health condition does not allow you to sit in the office for ten hours every day.
People with high incomes are never focused on getting money at the moment. They invest all their free energy to increase their income in the future. This helps you spend your old age with dignity, or start your own business, which will constantly provide a certain return. It is for this purpose that they begin to invest in real estate, in the purchase of securities, in accumulating interest. With the help of such simple actions, they can afford to increase their capital without doing practically anything.
But so that the money does not increase at a low speed - they constantly continue to add money to those deposits that were opened earlier.
A poor person puts all his strength, ambition and capabilities into simple work that gives a simple income. And of course, when they quit or move from one job to another, they lose this source. Thus, they simply cut off oxygen to their existence.
Take your time
Business is not a sprint, but a marathon.
Seth Goldman, President and CEO of Honest Tea.
Crowds of clients and mountains of gold do not come instantly. To achieve success, take your time and follow the plan. Business plan. It must contain these points:
- General ideas about business . What are your goals? What do you need to run a business? Do you need an office? What pitfalls are possible?
- Goods and services . Here write down what you are going to sell to your customers: not only the name of the product or service, but also their brief description.
- Price . Decide on the cost of your goods or services: find out the average price in the market and make sure that customers are willing to pay the set amount.
- . Select sites for placement and the budget you are willing to spend on promotion. Do not try to cover all advertising channels at once: this may turn out to be an unreasonable expenditure.
- Competitor analysis . It is necessary to understand what your advantage is and what to rely on in development and promotion.
- Finance . Always keep your budget in balance.
Don't be afraid to take risks and make mistakes
To play big, sometimes you have to take big risks.
Bill Gates, co-founder of Microsoft.
Many successful entrepreneurs have created their multimillion-dollar and billion-dollar empires precisely thanks to risk. Perhaps the coolest example here is Jeff Bezos, the richest man on the planet.
In 1994, when he was 30, he quit his job and started Amazon. At first it was an online book store, and now it’s a huge marketplace. Explaining his decision, Bezos told Amazon CEO Jeff Bezos and brother Mark give a rare interview about growing up and secrets to success: “I just imagined myself at 80 years old. I wouldn't want to be an old man regretting my missed opportunities."
But the risk, of course, must be reasonable. Always leave room to retreat and fill your airbag as much as possible. Leaving a high position in an international corporation with an excellent salary in the name of starting your own business is risky, but you can always return to employment. It’s a completely different matter to sell your only home in the name of buying the first batch of even the most unique product.
Don't spend your whole life at work
No one has ever regretted on their deathbed that they spent too little time in the office.
Richard Branson, founder of the Virgin Group corporation.
Business shouldn't take up all your time and thoughts. This can cause you to quickly burn out and lose touch with friends and family. To help you unload:
- Schedule . Set aside time for solving business issues and hours for personal life and relaxation.
- Delegation of tasks . You are unlikely to be able to handle everything on your own, so don’t be afraid to entrust some of the issues to your team.
Read about delegation of tasks
To work a lot
Persistence and hard work are the hallmarks of both the youngest billionaire, Mark Zuckerberg, and the richest American, Bill Gates. Thus, Zuckerberg’s colleagues claim that he comes to the office before everyone else and stays there the longest. When starting new projects, he spends almost all day and night at work. Even while on vacation - he travels a lot - he always stays in touch with his employees.
The main character traits of Bill Gates are hard work, perseverance and the desire to do everything better than others. He works a lot and rests little. In his opinion, rest is a sign of weakness, and as long as you indulge in rest, your achievements lose value. This approach to life has brought excellent results: Microsoft dominates the global computer industry market. Gates, like Zuckerberg, works like a perpetual motion machine.
Be prepared to compromise
Your most unhappy customers are your best source of knowledge.
Bill Gates, co-founder of Microsoft.
An obvious truth that is dangerous to forget: without clients, you will not have a business. Therefore, your main task is to first attract them and then maintain their loyalty. And remember that it is cheaper to retain a client Customer Acquisition Vs.Retention Costs – Statistics And Trends than to find a new one. Don’t follow the popular misconception that if one client doesn’t like something, you can ignore it, because another and a third will come.
But, of course, everything has its limits. Every business and brand has untouchable fundamentals - vision, purpose and values. It is better not to change them ever. Make an exception only if things are not going well at all. Perhaps the problems lie in these fundamentals.
Psychological research and questionnaires from Thomas Corley
The psychology of wealth and the habits of the rich is a topic of interest to many. Thus, American experts from Brown University conducted a large-scale study in this area. It took 5 years.
They observed the daily habits of 50 thousand families consisting of almost 150 thousand people. Analyzing the way people handle money, the pronounced biases of poor people have been revealed. The rich did not have these habits at all or tried to get rid of them. Heirs were not included in the study. The scientists included in the sample only those who achieved financial success on their own thanks to many years of habits.
The aforementioned Thomas Corley interviewed 233 rich and 128 poor people for his book “The Key to Success: The Daily Habits of Every Rich People.” It turned out that, indeed, the former have their own habits, which relate not to actions, but to attitude towards life.
